{"id":367813,"date":"2019-01-10T15:00:33","date_gmt":"2019-01-10T15:00:33","guid":{"rendered":"https:\/\/ktsl888.com\/?p=367813"},"modified":"2024-06-11T21:03:08","modified_gmt":"2024-06-11T21:03:08","slug":"bitcoin-price-analysis-btc-slide-6-1-bull-party-over","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-analysis-btc-slide-6-1-bull-party-over\/","title":{"rendered":"Bitcoin Price Analysis: BTC Slide 6.1%, Bull Party Over?"},"content":{"rendered":"<ul>\n<li><em>Bitcoin price drop 6.1 percent after testing $4,100<\/em><\/li>\n<li><em>Korean authorities approve seven exchanges compliant with their security measures<\/em><\/li>\n<li><em>The slide below $4,000 at the back of high transaction volumes<\/em><\/li>\n<\/ul>\n<p><em>After today\u2019s losses, subsequent price action would determine whether BTC is within a necessary bull squeeze or the retest of $4,100 marked the beginning of bear trend and completion of a retest. After all, the dominant trend is bearish, and rejection of higher highs is at the 38.2 percent Fibonacci retracement level of Nov-Dec 2018 high low.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<h4>Overview<\/h4>\n<p>After decent performance throughout the last weeks of Dec 2018 and early this month, Bitcoin sellers are back. According to live streams from coin trackers, BTC is down 6.1 percent in the last day. Regardless, traders are optimistic and expect prices to rebound more so if there support at $3,700. If that is the case, then today\u2019s drawdown is a bull squeeze driving prices towards the base of a bull flag.<\/p>\n<h4>Fundamentals<\/h4>\n<p>In theory, the blockchain should be infallible, distributed and secure. Most as Bitcoin have lived up to their expectations, and with Exa-hash rates, there is no economic incentive to launch attacks. The cost will be exorbitant for no good reason. Bitcoin and its blockchain are therefore safe. However, the technology is still new and infrastructure developing.<\/p>\n<p>Buttressing Bitcoin are exchanges\u2014a set of on-off ramps allowing buyers and sellers to exchange digital asset. As centralized marketplaces, they are a honey pot for malicious hackers always on the lookout for any vulnerabilities. Most successful hacks result in multi-million-dollar losses and topping the table is that mega-hack at<a href=\"https:\/\/ktsl888.com\/2018\/01\/28\/1950-cryptocurrencies-rebound-after-coincheck-promises-to-reimburse-vicims-of-hack\/\" target=\"_blank\" rel=\"noopener \"> Coincheck<\/a> where an estimated $500 million evaporated just like that.<\/p>\n<p>It is for this reason why authorities, especially in SE Asia, Europe, and the US, are taking steps, executing their mandate and protecting vulnerable investors. Latest news is that the Ministry of Science and ICT while working closely with Korea Internet and Security Agency (KISA) has <a href=\"http:\/\/www.businesskorea.co.kr\/news\/articleView.html?idxno=20513\" rel=\"nofollow\">approved<\/a> seven exchanges&#8211;UpBit, Bithumb, Gopax, Korbit, Coinone, Hanbitco, and Huobi Kore&#8211; after a three-month security inspection between Sep to Dec 2018.<\/p>\n<h4>Candlestick Arrangement<\/h4>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-367809\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/01\/Bitcoin-Daily-Chart-Jan-10.png?resize=1366%2C768\" alt=\"Bitcoin\" width=\"1366\" height=\"768\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/01\/Bitcoin-Daily-Chart-Jan-10.png?w=1366 1366w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/01\/Bitcoin-Daily-Chart-Jan-10.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/01\/Bitcoin-Daily-Chart-Jan-10.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/01\/Bitcoin-Daily-Chart-Jan-10.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/01\/Bitcoin-Daily-Chart-Jan-10.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/01\/Bitcoin-Daily-Chart-Jan-10.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>On the technical front, our previous stance as far as Bitcoin trading is valid. As we can see from the chart, sellers are back. In 45 minutes during the European session, prices tumbled from around $4,100 to spot rates.<\/p>\n<p>Still, bulls are resilient, and prices are trending above $3,700\u2014our main support line. For trend continuation, it will be essential if bulls reverse these losses in subsequent days and drive BTC prices above $4,100 and later $4,500. If not and this persists then this will cease from being a bull squeeze.<\/p>\n<p>Instead, the retest phase will be complete, and bears will resume taking cues from bears of early Nov-Dec 2018. Therefore, we recommend patience as we wait for price reaction at $3,700\u2014the base of our bull flag and minor support and sell trigger line.<\/p>\n<h2>Technical Indicators<\/h2>\n<p>The last ten days average stands at 16k which is less than the volumes behind Jan 6 bull bar at 25k. Jan 6 bar is definitive and above average volumes accompany today&#8217;s losses\u201420k versus 16k (expected to increase by close). We need to see counter bull bars but should sell pressure spill over to tomorrow; chances are sellers will blast through $3,700.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price drop 6.1 percent after testing $4,100 Korean authorities approve seven exchanges compliant with their security measures The slide below $4,000 at the back of high transaction volumes After today\u2019s losses, subsequent price action would determine whether BTC is within a necessary bull squeeze or the retest of $4,100 marked the beginning of bear trend and completion of a retest. After all, the dominant trend is bearish, and rejection of higher highs is at the 38.2 percent Fibonacci retracement level of Nov-Dec 2018 high low. Bitcoin Price Analysis Overview After decent performance throughout the last weeks of Dec 2018 and early this month, Bitcoin sellers are back. According to live streams from coin trackers, BTC is down 6.1 percent in the last day. Regardless, traders are optimistic and expect prices to rebound more so if there support at $3,700. If that is the case, then today\u2019s drawdown is a bull squeeze driving prices towards the base of a bull flag. Fundamentals In theory, the blockchain should be infallible, distributed and secure. Most as Bitcoin have lived up to their expectations, and with Exa-hash rates, there is no economic incentive to launch attacks. The cost will be exorbitant for no good reason. Bitcoin and its blockchain are therefore safe. However, the technology is still new and infrastructure developing. Buttressing Bitcoin are exchanges\u2014a set of on-off ramps allowing buyers and sellers to exchange digital asset. As centralized marketplaces, they are a honey pot for malicious hackers always on the lookout for any vulnerabilities. Most successful hacks result in multi-million-dollar losses and topping the table is that mega-hack at Coincheck where an estimated $500 million evaporated just like that. It is for this reason why authorities, especially in SE Asia, Europe, and the US, are taking steps, executing their mandate and protecting vulnerable investors. Latest news is that the Ministry of Science and ICT while working closely with Korea Internet and Security Agency (KISA) has approved seven exchanges&#8211;UpBit, Bithumb, Gopax, Korbit, Coinone, Hanbitco, and Huobi Kore&#8211; after a three-month security inspection between Sep to Dec 2018. Candlestick Arrangement On the technical front, our previous stance as far as Bitcoin trading is valid. As we can see from the chart, sellers are back. In 45 minutes during the European session, prices tumbled from around $4,100 to spot rates. Still, bulls are resilient, and prices are trending above $3,700\u2014our main support line. For trend continuation, it will be essential if bulls reverse these losses in subsequent days and drive BTC prices above $4,100 and later $4,500. If not and this persists then this will cease from being a bull squeeze. Instead, the retest phase will be complete, and bears will resume taking cues from bears of early Nov-Dec 2018. Therefore, we recommend patience as we wait for price reaction at $3,700\u2014the base of our bull flag and minor support and sell trigger line. Technical Indicators The last ten days average stands at 16k which is less than the volumes behind Jan 6 bull bar at 25k. Jan 6 bar is definitive and above average volumes accompany today&#8217;s losses\u201420k versus 16k (expected to increase by close). We need to see counter bull bars but should sell pressure spill over to tomorrow; chances are sellers will blast through $3,700.<\/p>\n","protected":false},"author":384,"featured_media":344597,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-367813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Analysis: BTC Slide 6.1%, Bull Party Over?<\/title>\n<meta name=\"description\" content=\"Bitcoin price drop 6.1 percent after testing $4,100 Korean authorities approve seven exchanges compliant with their security measures The slide below\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/\",\"https:\/\/x.com\/Dalmas_Ngetich\"],\"url\":\"https:\/\/ktsl888.com\/author\/dalmasngetich\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Price Analysis: BTC Slide 6.1%, Bull Party Over?","description":"Bitcoin price drop 6.1 percent after testing $4,100 Korean authorities approve seven exchanges compliant with their security measures The slide below","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ktsl888.com\/news\/bitcoin-price-analysis-btc-slide-6-1-bull-party-over\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Price Analysis: BTC Slide 6.1%, Bull Party Over?","og_description":"Bitcoin price drop 6.1 percent after testing $4,100 Korean authorities 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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